Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 16, 2021, in order to achieve an equal balance of membership among
the three classes of directors on the Board of Directors of Axos Financial, Inc.
(the "Company") and the Board of Directors of Axos Bank (together, the "Board"),
the Board determined that one of its members should be reclassified from Class
III (with a term expiring at the Company's 2022 annual meeting of stockholders)
to Class I (with a term expiring at the Company's 2023 annual meeting of
stockholders).
Accordingly, on December 16, 2021, Edward J. Ratinoff agreed to resign from his
position as a Class III director subject to his immediate reappointment as a
Class I director. On December 16, 2021 the Board accepted Mr. Ratinoff's
resignation and immediately reappointed him as a Class I director. The
resignation and reappointment of Mr. Ratinoff was effected solely to rebalance
the Board classes and, for all other purposes, including the vesting and
settlement of any outstanding equity awards and any other compensation to which
Mr. Ratinoff is entitled as a non-employee director, Mr. Ratinoff's service on
the Board is deemed to have continued uniterrupted. Mr. Ratinoff will continue
to serve on the Nominating/Corporate Governance Committee of the Board of
Directors of the Company and as the Chairman of the Credit Committee of the
Board of Directors of Axos Bank.
Immediately following Mr. Ratinoff's appointment as a Class I director, the
Board reduced the number of director seats on the Board from ten to nine. The
Board now consists of three Class I directors, three Class II directors and
three Class III directors.
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